David Su, a founding managing partner at Matrix Partners China, is one of the angel investors to have backed the latest funding.
LOGIVAN plans to invest the proceeds in data analysis and cross-platform integration to increase supply chain efficiency, it said in a statement. The company will also apply artificial intelligence (AI) to verify information, safeguard information, understand user needs, and increase prediction accuracy.
This is the third round of funding for the company. It had last raised $1.75 million from Ethos Partners, Vinacapital Ventures and Insignia Ventures Partners in August 2018. LOGIVAN had earlier raised $600,000 from Insignia Ventures.
To date, the startup has raised a total of $7.9 million in funding.
“Vietnam is the next rising star in the growing Southeast Asia region and it is well poised to experience a similar growth trajectory as we witnessed over the past years in China. Vietnam’s logistics industry is highly fragmented, logistics costs make up 23 per cent of Vietnam’s GDP, with 90 per cent of trucks in Vietnam being owned by individuals. Given the success of Manbang, we believe that LOGIVAN has the potential to emulate its success,” said David Su.
In 2018, LOGIVAN claims to have connected more than 22,000 transportation partners with every major commercial truck type. The network also has 10,000 shipping companies registered on its system.